(a) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that
(1) the entitlement order is made by an appropriate person, or if the entitlement order is by an agent, the agent has actual authority to act on behalf of the appropriate person; and
(2) there is no adverse claim to the security entitlement.
(b) A person who delivers a security certificate to a securities intermediary for credit to a securities account or originates an instruction with respect to an uncertificated security directing that the uncertificated security be credited to a securities account makes to the securities intermediary the warranties specified in AS 45.08.108(a) or (b).
(c) If a securities intermediary delivers a security certificate to its entitlement holder or causes its entitlement holder to be registered as the owner of an uncertificated security, the securities intermediary makes to the entitlement holder the warranties specified in AS 45.08.108 (a) or (b).
Section: Previous 45.08.102 45.08.103 45.08.104 45.08.105 45.08.106 45.08.107 45.08.108 45.08.109 45.08.110 45.08.111 45.08.112 45.08.113 45.08.114 45.08.115 45.08.116 NextLast modified: November 15, 2016